May 6, 2024
Dario Battista—President, IBAO
Three decades ago when I first stepped into the insurance industry, it was a world of paper files, fax machines and underwriting manuals. It feels like a lifetime ago compared to the digital landscape we navigate today. But change is the only constant, right?
The digitization of our business has been a game-changer, leaving paper for a new era of modern brokers and processes. Some of us embraced this digital shift early on, while others took a more cautious approach. Regardless, the distribution of insurance transformed forever.
I recall a conversation I had with a Senior Exec at CIBC early in my career. He couldn’t understand why I chose to be an insurance broker when they were launching their direct insurance arm. CIBC was going to put brokers out of business. But here we are, 30 years later, with CIBC insurance long gone and brokers successful, and in numbers.
Insurance brokers have maintained their position by constantly evolving. Brokerage innovation is about more than just having the best or most technology. It’s about leadership—crafting a smart strategy, picking the right tools and using them like a pro to move our businesses forward.
With IBAO’s backing, brokers can team up with insurer partners, regulators and industry vendors to ensure their clients get the best experiences possible. We’re a community of learners, inspirers and idea-exchangers, building our businesses in unique ways.
Why have I always believed in the IBAO and now stepped up to join the team? They’re a hub of collaboration, where we learn, grow and get inspired. Serving on IBAO’s Board has shown me firsthand how collaboration amongst brokers, insurers, regulators and the public always leads to better, and sometimes, to greatness.
Where things sit today, we must acknowledge that insurance distribution is changing. Clients and insurer partners have more options than they’ve ever had in front of them. A broker’s position in this market isn’t guaranteed—we must continually work to earn it.
Which is why I’m excited about initiatives like IBAO’s Young Brokers Conference and Mentorship Programs. These platforms drive creativity and forward-thinking. They are also crucial in nurturing the next generation of movers and shakers in our industry.
Let’s not forget, at the end of the day it’s our clients who call the shots. To stay in the game, brokers need to keep leveling up their service offerings. Look to the IBAO for inspiration and partnerships, and for learning and collaboration. Feel good about the future leaders being encouraged and supported. Look to them to move the channel forward embracing change, innovation and teamwork. Together, we have the power to shape the future of insurance distribution for years to come, and brokers will keep our well–deserved seat at the table.